Intellectual Capital

Exploring innovation.
Multiplying happiness.

Our innovation focus allows us to bring the best products and experience to our customers through strong value propositions and bespoke solutions tailored to their evolving needs and preferences. We continue to exceed the expectations of our customers by providing them with need-based solutions that help them plan their financial goals in a better manner. Our simple, easy-to-understand and distinct products are motivating our patrons to accept responsibilities with a smile on their face. They are protecting the future of not just themselves, but their entire family and in the process are multiplying their happiness, today and tomorrow.

With this approach, we have varied products in our basket to cater to the needs to different customer segments. During the year, we added two new products

The key features of these products are explained here:

SBI Life – Saral InsureWealth Plus (UIN: 111L124V01)

  • Non-participating, unit linked life insurance plan that enables disciplined monthly investment
  • Offers a prudent balance between risks and rewards related to capital markets
  • Option to choose from among eight funds; provides fund value boosters through loyalty additions from the end of the sixth policy year
  • Allows systematic monthly withdrawals and partial withdrawals (from the sixth policy year)

SBI Life – Smart InsureWealth Plus (UIN: 111L125V01)

  • This is an individual, unit-linked, non-participating product that enables individuals to save monthly in a disciplined manner
  • The monthly savings facilitate achieving a prudent balance between risks and rewards related to the capital markets
  • This plan offers the option of partial withdrawal from 6th policy year and systematic monthly withdrawal from the 11th policy year
  • The plan provides return of Mortality Charges on maturity of policy and assured loyalty additions at the end of every policy year starting from 11th policy year onwards for in-force policies

Both these products are witnessing healthy acceptance among consumers. Given the need-based nature of our products, they help customers assume additional responsibilities without any stress.

Embracing technology.
Delivering delight.

At SBI Life, we are keen to adopt cutting-edge technology to fulfil the needs of our customers as per their convenience, enhance the overall customer experience and remain the ‘life insurer of their choice’. SBI Life has adopted this journey successfully since June 2017.

We have adopted a two-pronged strategy to maximise the potential of our digitalisation offerings.

  1. Maintain scalable, efficient and effective core systems and IT architecture.
  2. Adopt an innovative digital strategy that enables superior experience for our customers, distributors and employees by deploying the tools of Artificial Intelligence (AI), natural language processing (NLP), Robotic Process Automation (RPA) and analytics.

Our digitalisation approach undertaken is about making wise investment choices to maximise competitive advantage, growth, profit and value.

  1. Growth and profit: Digital disruption for the ‘go to market strategy’ aimed at our distributors
  2. Competitive Advantage :“Enriching customer experience coupled with risk mitigation processes” through digital
  3. Electronic document submission to ease the pain of processing and minimise the number of visits to our offices.
  4. Value: Digital enablers for employees aimed at “managing internal customers’ aspirations” through digital.

Impact of digital initiatives

Embracing technology.
Delivering delight.

With a mission of reaching and protecting our customers with speed and efficiency, we have embraced technology and are augmenting our activities across customer servicing, new business development and internal engagement. On one hand, our digital offerings and platforms provide higher convenience to our customers, while on the other, they help reduce turnaround time and achieve higher efficiencies across our operations.

In a nutshell, our digitalisation activities are playing a crucial role in delighting our patrons, every day. We offer them higher connectivity, convenience and customisation and consequently, are reinstating their faith and trust in our abilities.

Customer service

4lakh+

Queries resolved through chatbot

1lakh+

Unique users

1lakh+

Users of our customer self-service portal, MyPolicy Login

`295lakh+

Renewal premium collected through app

Digital resolution of queries and requests

10lakh+

Queries resolved by call centres

21lakh+

Queries handled by IVR

27lakh+

Fund value service requests through missed calls

New business

Customer acquisition and servicing platforms

1lakh+

Active users

14lakh+

Proposals uploaded

YONO

issues Instant protection policy in just three clicks

41,954 lives

covered in 6 months

6x

Increase in digitally sourced policies

16lakh+

pre-issuance welcome call

52lakh+

Documents easily uploaded using inbuilt document upload facility

All application tools are equipped with inbuilt premium calculators

Employee engagement and social media

Digital interactive modes

For continuous engagement with sales force and employees

E-Shiksha

Online tool for learning development of employees, distributors

4.1million+

Fans across social media platforms

85million+

Video views across major campaigns

SAATHI App

For salesforce to track targets and manage leads and conduct review meetings

Digital Marketing Campaigns

• Main Se Hum

• Dil Baccha toh Sab Accha

• Real Life real Stories